Business, international

Declining passion

Article Abstract:

China begin its bid to join the precursor of the World Trade Organization (WTO) in 1986, and needs the backing of the European Union, Japan and the US in order to become a member. China has become more assertive and membership of the WTO has become less urgent. China has made progress in carrying out reforms of the type sought by the WTO, but has become reluctant to cede further ground. It is unlikely that China will make rapid progress in gaining WTO membership.

Under new laws: industry in China

Article Abstract:

China has a new tariff system that is more convoluted and punitive than the previous one. While the average import tariff has been cut to 23% and a third of import quotas have been eliminated, foreign investors must pay the same tariffs as domestic companies on imported raw materials and equipment.

Chinese addicts: gold

Article Abstract:

Asia accounted for about 40% of worldwide gold purchasing in 1992, and China's purchase of 500 tons will be complemented by 700 tons in 1993. More than 50% of the gold that finds its way into China is smuggled by Chinese in other countries.